The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-12-30
AMOUNT OF SILVER WANTED.

AMOUNT OF SILVER WANTED.
We cannot look to Europe for the
supply of silver we need. What harm
could it do to have gold and silver
bullion. dollar for dollar. as security
for the paper nov outstandlngH mere
still remains il circulation Of national
bank notes about 267 100000. ibis Will
soon lie retired without further leglsia
ton, By the payment OF Che oonus
upon which the national baDK notes
are issued. We also have 346'OOOO OU OF
United states notes, commonly called
oreenbacks which, if changed into
coin certificates. by the deposit OF the
coin. would be equally available as
money. The Comptroller of the Cur
rencv informs US that there has been a
decrease in the circulating medium
since 1888 of over 146. 900, 900. At least
1000 600 ought to be added to that
amount 10 correspond to the in
crease of population, to keep
our circulating medium SUBJ
stantlally the same per capita. These
several sums show that it would re-
quire nearly 800 900 600 of bullion 10
place our currency On a metallic basis
and relieve the country of its depre ssed
condition, resulting from contraction.
In addition to this it would require an
annual supply of gold and silver equal
to the production of this country to
keep pace with the growing population
OF the U nited States. If it were possible
to obtain bullion enough to dispense
with the use OF all paper currency, not
secured by gold and silver In the vaults
of the Treasury, we would certainl7
have a sound currency and I've on
metallic basis. This can never be done
with gold alone. The ruin that will be
produced by contracting our metallic
currency one-halt, and thereby de,
struy1ng the debtor class, will not end
our troubles. The supply OF gold Is.
and will be-, insufficient. There is no
prospect Of any increase in the volume
of gold coin from any production
10 be anticipated, and II silver is
denonetized, so that the mining
of thai metal is stopped. one
third of the product of gold will
be cut off, for at least one-third of all
the gold that is produced comes from
the silver mines, and is in combination
with silver. If the present supply can
be kept good, it is all that can be ex-
pected. The prospects for silver mining
are better than for gold. 1t is a moe
stable industry, and with the enhanced
price of silver, resulting from treating
that metal as q money metal, will so
stimulate that industry, that we may
anticipate an increased production, and
By the use of both metals a stationary
amount of money IN circulation pc"
capita can probably be maintained.
PAPER MONEY.
do not deny the proposition that if
the government could be trusted to de-
wise and adhere to a plan whereby
paper money could be kept in circula-
ton, and the volume of it at all times
bear the same ratio to population, that
IS, the same per capita, it would be as
good and perhaps better than gold and
silver; but schemes for that purpose
heretofore adopted have generally been
failures. Our present system is most
defective. We find our paper currency
decreasing in volume every year.
No one has yet devised a scheme
whereby that volume could be regu-
lated according to population. We
have seen the civilization of ancient |
Rome fade and decay under the baue- |
ful influence OF 1, 800 years of contrac-
ton. This may be urged as an argu- |
ment against the use of metallic money;
but it is answered by The history of |
modern times. A new civilization has
spring Influence of the production of |
gold and silver. The growth and de-
Veiopment of that civilization has been
continuous since the year 1900 until
now. This growth and development
was somewhat checked ay the Spanish
American wars, which. between 1900
and 1850 nearly cut off the supply of |.
precious metals. Since the year 1850
the DEVELOPMENT of the, resources of
nature by the hand of man surpasses
comprehension. Phe intelligence, skill,
and invention of the present age seem
the result of magic. The increase of
the wealth and power of nations since
the discovery of gold in Australia and
California is without a parallel
Neither wars nor famines have materi-
ally checked the vitalizing influence of
the bounteous stream of gold and silver
which has come from the mines. The
only financial EN- OarrasSment worth
naming in the last forty years has re-
suited from the war on silver. The at
temp, which has almost been consum-
mated, to destroy one half of the
worlds mon has produced its les It'll
mate results in the low prices of all
farm products, cheap labor, and hard
times.
Why should the selfish desires of
JnOSo WuO UOulu uCSGtOy SILVER as a
money be needed? Why should not
both silver and gold be treated as
money metals? Why should the lmme-
mortal usage of exchanging each at the
minus for money be disregardei? Why
should this generation be denied the
blessings that flow from abundance of
silver and gold? Have not the skill and
of the generation now passed
away made it possible to produce these
metals n such quantities as to furnish
the world with a reasonable supply as
a basis Of circulation? 1t seems cruel :
and unjust for the sake of a favored
few to haTsss and depress the masses
to i0rca au unnatural contraction while
the means of a steady supply af money
is at hand. The passage of the bill now
under consideration will certainly place
the United states upon a higher finan- 1
cial plane and with a safer basis fore
culation than any other nation in the
world. Now S the time to obtain silver
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